Lender-specific mortgage supply shocks and macroeconomic performance in the United States

Arbeitspapier

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued mortgages, the stronger are mortgage, house price, and employment growth. While shocks at the level of shadow banks significantly affect mortgage and house price dynamics, too, they do not matter much for employment.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IWH Discussion Papers ; No. 3/2021

Classification and Topics

• Classification: Wirtschaft ; Financial Markets and the Macroeconomy ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; Urban, Rural, Regional, Real Estate, and Transportation Economics: Household Analysis: General
• Subject: credit supply shocks ; mortgage market concentration ; real effects from housing markets

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Bremus, Franziska ; Krause, Thomas ; Noth, Felix
• Event: Veröffentlichung
• (who): Halle Institute for Economic Research (IWH)
• (where): Halle (Saale)
• (when): 2021

Further information

• Handle: http://hdl.handle.net/10419/231980
• URN: urn:nbn:de:gbv:3:2-134318
• Last update: 10.03.2025, 11:41 AM CET